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    ICICI Bank hits fresh record high as brokerages raise target price

    ICICI Bank hits fresh record high as brokerages raise target price

    ICICI Bank hits fresh record high as brokerages raise target price
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    By Ankit Gohel   IST (Updated)

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    Shares of ICICI Bank touched a new 52-week high of Rs 531.35 apiece, gaining over 4 percent on Wednesday in intra-day deals

    Shares of ICICI Bank touched a new 52-week high of Rs 531.35 apiece, gaining over 4 percent on Wednesday in intra-day deals, after global brokerages maintained their bullish stance on the stock. The stock has surged over 45 percent so far in 2019. In the last one month, ICICI Bank shares have surged over 12 percent. Nomura maintained ‘Buy’ call on the stock and raised the Target Price (TP) to Rs 645 from Rs 610 per share.
    The Japanese research firm believes that the bank is building sustainable income avenues and expects core Pre-Provisioning Operating Profit (PPoP) to record over 19 percent CAGR over FY 19-22.
    Nomura also expects RoE of 16-17 percent in the next 12-18 months. ICICI Bank remains its top pick, the brokerage firm said.
    Morgan Stanley maintained ‘Overweight’ call on the stock with a Target Price (TP) of Rs 775 per share as it believes that decline is credit costs should drive earnings growth of the bank.
    It said that core PPoP is likely to compound at above 20 percent for multiple years and added that the scope of a rerating over the next 12-18 months remain high.
    ICICI Bank shares settled at Rs 528.45, higher by 3.82 percent at Wednesday's close of trade on the Bombay Stock Exchange. On NSE, ICICI Bank shares settled at Rs 528.80.
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